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Startup founder. I hold a B.S in Computer Science and have extensive experience and interest in technology, e-commerce, cryptocurrencies and online advertising industry (ad-tech). I worked with leading companies like Softbit, MediaFem, OLX Group, and Telecom. I am living in London, UK.

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Is Coinbase in crisis? Learn all about this issue right here

It seems that, after a series of unfortunate events, the important Coinbase could be entering a major crisis.

The hashtag took over Twitter

Currently, the hashtag #DeleteCoinbase is becoming more popular per minute, from users who show proof that they have eliminated their Coinbase account, to the warning to stay there, to an instance of people who even pay others to close their accounts. accounts All this for one simple reason: the community believes that Coinbase has lost its moral compass after acquiring a startup called Neutrino. It was founded by three former employees of Hacking Team, a controversial Italian surveillance provider who was caught repeatedly selling spyware to governments with dubious human rights records, such as Ethiopia, Saudi Arabia and Sudan.

What the users have been saying

“It saddens me to see what they have done on their platform. Tell me, “writes the Twitter user @ 21isenough. This is a sentiment repeated by many on Crypto Twitter. The user @lartdetre writes: “Closing the Coinbase account helps avoid many headaches. They were so exaggerated that now it is totally unsafe to stay there. ” “Call me crazy, but I congratulate this community for all the #DeleteCoinbase movement.” I am interested in seeing how and if Coinbase will listen to its users and the users who have lost. However, I will not hold my breath, “commented user @ashrugg.

What did the company said?

So far, the company has only responded that “Coinbase does not approve or defend the actions of Hacking Team,” but “it was important for Coinbase to carry out this function internally to completely control and protect our customer data and Neutrino data. Technology was the best we found in space to achieve this goal. ”

It is currently difficult to know how many users have left Coinbase, much less if it makes a difference for them. The company has not responded to a request for comments. Coinbase investors, such as Andreessen Horowitz, Union Square Ventures, DFJ Venture Capital and others, are also silent on the problems the company has been facing.

As to how to handle such a growing crisis, Samantha Yap, founder and director of the international public relations firm focused on the new fintech, blockchain and cryptocurrency YAP Global companies: “When a communication crisis arises, it is essential for” The company should take control of the conversation in the media instead of keeping silence and allowing erroneous assumptions to spread”.